Cramer said he wished he could come out and say something positive on tonight's show. Instead, he cautiously said the stock market simply can't afford Obama's agenda.

Cramer said until Obama starts paying attention to the stock market or gives some sign that he realizes everything is falling apart, the markets will continue to act like a slow motion accident that won't stop until stocks reach absurdly low levels.

Cramer acknowledged that for a new president, changing the world might seem irresistible, but he said simply that Obama needs to put his whole agenda on hold, for now, until things can stabilize. He said it's not just the banks that are getting pushed down by Obama's policies, now the oil stocks, along with health care, are also in free fall.

"What's good for stocks is not always good for America," said Cramer. "But for now, it sure is," he continued.

He said that stability matters, and that stability has all but vanished from markets. He warned that if Obama continues his assault on the markets, the Dow Jones Industrial Average could see 4,000, a level not seen since 1994.

Cramer said the world was a different place in 1994. Back in 1994, he said, there was a new world order with the spread of capitalism around the world, cell phones were spreading to the masses, the Internet was just bursting onto the scene, and the public discovered stocks as they began to manage their own 401Ks and IRAs. Today, however, there is none of that.